A real-estate group led by investor Nicholas Schorsch said early Wednesday that they planned to buy independent broker-dealer First Allied Securities from its private-equity owner Lovell Minnick Partners, which has owned a majority stake in the IBD for less than two years.“This brings a whole new dynamic to the broker-dealer world,” said Jonathan Henschen right, president of the recruiting firm Henschen & Associates, in an interview with AdvisorOne. “It’s like in the ’80s when insurance firms were buying broker-dealers, but now maybe its REITs flush with money that will be buying BDs.”

via First Allied’s Surprise Sale to REIT Creates ‘Whole New Dynamic’ for BDs.

Morgan Stanley MS said Tuesday that it recruited three advisors from rival wirehouse firms with a total of $3.7 million in yearly fees and commissions, while Janney Montgomery Scott announced early Tuesday that its advisors have been joined by a team formerly with Stephens.Arthur Levine moved to Morgan Stanley Wealth Management’s office in Ridgewood, N.J., from Wells Fargo Advisors WFC. Levine, who has had 12-month production of more than $2.4 million, now reports to branch manager Peter Christou.

via Morgan Stanley Nabs Wells, UBS Reps.

As the competition for top advisor talent remains strong, Hilliard Lyons added two advisors from UBS less than a week after UBS announced it had nabbed a Hilliard Lyons advisor with $475 million in assets.Hilliard Lyons scooped up industry veterans Kevin Lyall and David Havens in Winston-Salem, N.C., as the firm tops off recent growth in the area. They join an office opened last June with three advisors from RBC Wealth Management. Lyall will serve as the resident branch manager for the office.

via Hilliard Lyons Adds Two from UBS | On Wall Street.

The Next GenerationOne of the areas that currently has the attention and resources of industry leaders is the looming talent gap. About 8,600 advisors will reach retirement age in each of the next 13 years, according toa report from consulting firm Cerulli Associates. That doesnt include the 24,000 current advisors who are age 68 and older, the report states. Those demographics have inspired leading wealth management firms to deploy aggressive new techniques to build their bench.Merrill Lynch #1 on Total Revenue Leaderboard recently revamped its advisor training program to improve long-term advisor retention and quality. The firms Practice Management Development program “graduates” about 39% of each class into advisor roles. Although this is slightly above the industry average of 30%, according to Cerulli, Merrill Lynch realizes it must boost that number to around 50%, without lowering standards, in order to fill the widening advisor generation gap.

via Leaders: Ranking the Top Wirehouses and Regional Broker-Dealers | On Wall Street.